The CAREL Industries S.p.A. Board of Directors has approved the consolidated results as of 31 March 2023. Consolidated revenues came to € 161.0 million: an increase of 24.8%.

Financial highlights

•       Consolidated revenues of € 161.0 million, +24.8% compared to the first three months of 2022 (the impact of foreign exchange rates was not material). On a like-for-like basis the growth would have been equal to +11.3%.

•       Consolidated EBITDA of € 33.4 million (€ 2.0 million from the change in the scope of consolidation due to several acquisitions). +22.8% compared to the first three months of 2022.

•       Consolidated net income of € 18.5 million, +13.2% compared to the first three months of 2022.

•       Negative consolidated net financial position of € 100.5 million.

Statement by the Chief Executive Officer

Francesco Nalini, CEO of the Group, commented: “2023, CAREL’s 50th anniversary year, opens with double-digit percentage organic revenue growth for the ninth consecutive quarter. This was due to the excellent balance of the Group’s business portfolio and the confirmation of its ability to excellently manage a still challenging supply chain scenario, especially in the first weeks of the year, which did not allow us to reach our full potential. Against organic growth of 11.3% (and 24.8% if we also consider the contribution of the newly acquired companies), profitability, understood as EBITDA Margin stood at about 20.8% despite an inflationary phenomenon on raw materials which, although weakened compared to the previous 24 months, has not yet ended. This trend was partially offset by operating leverage and the unfolding effects of certain price reviews implemented between 2021 and 2022.

Part of this growth can therefore be attributed to the results of the intense M&A activity carried out in recent years, activity that continued in the first quarter of 2023 with the acquisition of Eurotec (a New Zealand distributor and system integrator, as well as CAREL’s long-standing business partner) with the aim of better presiding over the geographical area of reference, in both the refrigeration and air-conditioning sectors. This was accompanied by the opening of several work-streams for the financial, digital and operational integration of the four companies acquired during 2022 (Sauber, Arion, Klingenburg, Senva), in order to seize important cost and revenue synergies underlying these transactions.

Shifting its focus to the future, the Group looks forward with confidence and optimism to the coming quarters, which present significant opportunities accompanied by just as many challenges. To seize the former and tackle the latter, it will leverage what has always been its main asset, the enthusiasm and commitment of the people who give their best in the company every day and who have enabled CAREL to successfully blow out its first 50 candles.”.